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Class JiGi_±lL6 
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Gopyiight N?_ 

CQEZRSGHT DEPOSIT. 


Ai\ ALAGKAFHS 

1922 

by 

Robert e. McConnell 

W 

37 Wall Street, New York 


“An accurate interpretation of relations is the 
foundation of sound judgment” 


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FOREWORD 


T RANSACTIONS in securities call for the keenest application 
of knowledge, judgment and analysis. An operation of mind 
involving a studied comparison and discrimination must take 
place before a sound estimate of values and relationships is for¬ 
mulated. 

Unfortunately, the rush of the twentieth century commercial 
life limits the time necessary to a decision, while the statistical 
material affording a basis for final judgment is generally cumber¬ 
some. Thus oftentimes, depending on the individual circumstance, 
one is forced to assume either a disapproving or favorable stand with 
reference to an investment offering, simultaneously lamenting the 
fact that a further investigation is impossible. 

In order to meet just this situation—the lack of complete, 
comprehensible and reliable financial data, assembled in such form 
as to permit the rapid formation of comparative investment judg¬ 
ment in which confidence may be placed—this volume of analagraphs 
has been compiled. Accurate, extensive, and_ accessible information 
in regard to corporate positions and security values is now made 
available, permitting the investor to build for the future on the cold 
logic of intelligently assembled figures. 

Each analagraph consists of a ratio chart, rectangular in 
shape, which portrays the conditions and operations of a corporate 
enterprise over a fifteen-year period, by a simple arrangement of 
shaded areas and lines. 

In its character of simplicity perhaps lies the greatest value 
of the analagraph, for each of these carefully constructed analyses, 
present a mass of financial data obtained from three to five 
hundred sets of figures constituting past and present income 
accounts, balance sheets, operating statements and sundry relevant 
reports. On the face of the analagraph these many items are so 
woven together as to afford a clear and concise picture of the his¬ 
tory, the current position and the trend of the particular company 
being reviewed. 

Not only does the analagraph provide a broad foundation for 
the rapid creation of sound investment judgment regarding an in¬ 
dividual corporation or issue, but what in the last analysis is 
infinitely more important, by their uniformity and by means of the 
ratio ruling, they portray graphically the relative 'position and 
worth of one company or security with another in the same com¬ 
mercial group b} r indicating their comparative statistical positions. 

For each industry, such as the rails, coppers, public utilities, 
etc., a composite analagraph has been made, which is derived 
from averaging a large number of representative organizations 
in the same industry. Since these composites are outlined on trans¬ 
parent celluloid, when superimposed on a particular analagraph 
in which the reader is interested, there is clearly indicated where¬ 
in and how much the individual corporation is weak or strong in 
comparison to this standard of the average of similar organizations. 
By this means, a scientifically correct basis is made available for 
corporation rating, which largely eliminates the element of guess¬ 
work or necessity for crude approximation. 

As an instance, the railroad composite formed of thirty repre¬ 
sentative systems, or the copper composite averaging a large num¬ 
ber of different mining companies, presents a very fair idea regard¬ 
ing the operations of these industries when taken as a whole. 

This brings us to what for many undoubtedly is the most val¬ 
uable and striking feature of the analagraph service—the oppor¬ 
tunity to subject an individual company or security to a rigid 
comparative criticism with other companies and securities within 
the same industrial group, and the additional opportunity given to 
scrutinize the position of one industry in comparison with a totally 
different industry. 

It must be possible to detect the weaknesses and advantages 
inherent to any particular loan, trade or investment as com- 






pared with the conclusion of a like transaction for a different 
corporation in the same industrial group. What is more, a study 
may be desired of the comparative risks and advantages of opera¬ 
tions conducted in entirely different industries. Analagraphs, by 
virtue of their standardized form, comparative relativity, sound 
principle of construction, and thoroughness of analysis, simplify 
these very difficult problems, which generally are not at all amenable 
to positive or satisfactory answer. 

Under most conditions, there may be available proper data 
arranged in a conveniently tabulated form, but there still remains 
the necessary task of assimilating and digesting this matter, cor¬ 
relating the significance of the various figures, and finally the grasp¬ 
ing of the general relationship of individual conclusions to one 
another. This mental operation concerns the analysis of but one 
corporation. When at the conclusion of this tedious study, one is 
faced with the necessity for establishing a measure of worth of the 
securities of the corporation analyzed with measures of worth of 
other corporations, the difficulty of the problem is easily apparent. 
Should the solution of the investment study further hinge on a 
comparison of different industries, the futility of realizing a fully 
satisfactory analysis of the problem may be even more clearly 
visualized. 

Analagraphs both simplify and arrange the mass of figures 
gathered around the history of any one corporation so as to indi¬ 
cate immediately their relative significance. A perspective in a 
standardized form is provided which may be readily digested. The 
variable factors determining security values are assembled on a 
relative basis, and this basis of standardized relativity affords a 
truly comparative analysis. 

Since it is believed the scope, utility and advantages of the 
analagraphs will become apparent in their use and application, the 
preceding paragraphs are judged sufficient for the reader’s pur¬ 
poses. However, a summary as to the basis of analysis, and plan 
of operation might well be inserted in this foreword. A short ex¬ 
planation, describing the technical manner of interpretation and 
suggested method of approach to each analagraph problem, is 
provided in subsequent pages. 

Analagraphs embrace a period of fifteen years, including quar¬ 
terly or semi-annual divisions, depending on the frequency and 
availability of the data. Statistics on operations covering but one 
or two years obviously are poor indications upon which to base 
investment judgments. Records embracing a ten year period are 
much more desirable, but such an analysis would include only three 
years of normalcy prior to the World War. Furthermore, it is 
highly desirable to consider performance over a length of time 
sufficient to include two periods of prosperity and two periods of 
depression, or two distinct business cycles, and consequently the 
fifteen-year period of analysis has been selected as the basis of 
this work. 

Each analagraph contains from twenty to thirty indicators 
or yardsticks, which take the form of lines and shaded areas, vary¬ 
ing in number and character according to the type of industry 
reviewed. Taking a copper company as an instance, the indicators 
would include such items as operating revenue per share, total 
income per share, tons of reserve ore, per cent of copper in reserve 
ore, per cent of copper in treated ore, per cent of copper lost in 
treatment, pounds copper produced per share, price movement of 
the common stock, daily tonnage of ore handled, pound price of 
copper, pound cost of copper production, gross and net profit per 
pound, dollars earned per share of stock outstanding, dollars paid 
per share of stock outstanding, total of outstanding stock, annual 
surplus, working qapital per share, operating margin, operating 
ratio and percentage of extraction. Due to the fact that each in¬ 
dustry is unique in the indices applicable to analysis, only the one 
illustration is here possible to provide evidence of the detail, care 
and completeness that has characterized the compilation of each 
analagraph. 






To the uninitiated, the suggestion of higher mathematics may 
cause some doubt as to the practical utility of such charts for the 
layman. However, experience in their use will bear out their sim¬ 
plicity of interpretation, since the ratio scale is as simple as the 
commonly used arithmetic scale, while simultaneously offering essen¬ 
tial additional advantages. 

The ratio scale permits the illustration of percentage differ¬ 
ences, this latter feature being particularly important where it is 
desired to group a number of items within a single chart, and to 
compare figures varying widely in proportions. They are also a 
record of statistics for the actual figures may always be read on 
the scales. 

Evenly spaced arithmetic charts create wrong impressions un¬ 
der many conditions by exaggerating variations of the larger 
amounts and minimizing the important variations of the lesser 
amounts. A wrong impression is infinitely worse than ignorance. 
Consequently, by utilizing the ratio chart, we eliminate distortions 
and center attention upon the relations of the var}dng magnitudes 
to each other and particularly upon the rates of change and per¬ 
centage relations. 

Obviously, service of the character of the analagraph, with the 
passing of time, would gradually lose its value unless upon the 
issuance of fresh operating statements, and financial reports, the 
salient features included in such statements were not automatically 
added to the original analysis. 

At each quarter or semi-annual period, as additional financial 
statements become available, it is planned to add this information 
in the form of a new and up-to-date analagraph, including the 
latest period. 


Explanation of Analagraphs 

Before it is possible to realize the full advantage from the use 
of Analagraphs, it is essential to understand fully the importance 
of the basic principle of relativity which is employed. The primary 
object has been to visualize 'proportionately, by means of a graph, 
the true relations of the important items which constitute a proper 
financial analysis. When this is done and our visual conception 
may immediately measure the graphic relations of the various items, 
a great part of the mental effort involved in digesting, assimilating 
and weighing the figures is obviated, and the mind is free to exer¬ 
cise its proper function of formulating judgment. 

For example: When one is told a particular stock is paying 
$9.00 and earning $11.50 per share and another stock is paying 
$4.00 and earning, say, $5.75 per share, it is necessary to analyze 
and assimilate the figures before a correct appreciation of the re¬ 
lations can be formed. In the former case, $11.50 minus $9.00 is 
$2.50 which is the amount the earnings exceeded the dividend. 
$2.50 is 27.8% of $9.00, which is the proportional difference or the 
spread of earnings over dividends. 27.8% is the margin of safety 
for the dividend. Now, in the latter case, $5.75 less $4.00 is $1.75, 
which is the amount these earnings exceeded the dividends. This is 
manifestly much less in amount than the $2.50 in the former case, 
but $1.75 is 43.8% of $4.00, which is a greater margin of safety. 
The difference in the spread, or margin of safety, is 43.8% minus 
27.8% or 16% which (other things being equal), places the latter 
stock, if on the same yield basis, in a preferred position over the 
former. 

Even with so simple an example, the operation is cumbersome. 
It is essentia], however, to make just such digests of the tabulated 
figures. In addition to the earning and dividend relations, it is also 
necessary to weigh and balance the various relations of other very 
important items of a corporation’s income account. 

As an example of the manner in which such relations are vis¬ 
ualized by analagraph, notice the “surplus” for the year ending 
June 30th, 1916, on the “Railroad Composite” which is indicated 







by the distance between 4.3% and 8.5%. The amount of surplus is 
4.2. For the same year, the Canadian Pacific “surplus” is indicated 
by the distance between 10% and 16.8%. Canadian Pacific’s 
amount of “surplus” is 6.8%. On the charts, the distance between 
10 and 16.8 is about 30% less than the distance between 4.3 and 8.5. 
The actual spread of 4.2 over 4.3 on the composite surplus for 
1916, is 98% (4.2 divided by 4.3), while the spread of 6.8 over 10 
on Canadian’s surplus the same year, is 68% (6.8 divided by 10), 
and 68% is 30% less than 98%. 

The rulings on the charts are spaced so that it is possible to 
appreciate such relations at a glance. 

Relative fluctuations of single variables are also correctly vis¬ 
ualized. As example, a stock quoted at $10.00 may move upward 
ten points to $20.00, which is double its former quotation; a stock 
selling at $100.00 at the same time may move upward ten points 
to $110.00, which is the same point movement but only a 10% in¬ 
crease. If the $100.00 stock had doubled, it would have moved 100 
points to $200.00, which is relatively the same as the ten point rise 
of the $10.00 stock and the Analagraphs would show the move from 
100 to 200 to be relatively the same as the rise from 10 to 20. 

Now r register the Railroad Composite over Union Pacific so 
tiiat the line “Unity or One” of the Composite coincides with the 
“Unity or One” line of Union Pacific. Follow along the “Gross 
Operating Revenue per $1,000 of Funded Debt” (which is the third 
line from the top of each Analagraph). Notice the marked paral¬ 
lelism of this line on the Composite with that of Union Pacific. 
Since 1916 they have been practically the same. This item on the 
Composite and on Union Pacific has increased at the same rate 
from $310 in 1916 to $550 in 1920. In other words, in both cases 
the Gross Operating Revenue was 31% of the Funded Debt in 1916 
and 55% of the Funded Debt in 1920. Between 1909 and 1916 
Union Pacific’s “gross” in relation to its funded debt w^as larger 
than that of the Composite, for in 1909 Union Pacific’s Funded 
Debt was decreased and in 1916 it was increased. 

Union Pacific’s “Operating Expenses per $1,000 of Funded 
Debt” has been less than the same item on the Composite, for the 
expenses have been a smaller proportion of the gross revenues. As 
a consequence Union Pacific’s “Net Earnings per $1,000 of Funded 
Debt” have been higher. Union Pacific’s ability to keep down ex¬ 
penses during 1918, 1919 and 1920 is noteworthy. During this 
period Union Pacific’s “net” remained about the same (15% of the 
Funded Debt). The increase in gross just about balanced the in¬ 
creased expenses. On the Railroad Composite the increase in gross 
was all absorbed by increased expenses and in addition, for 1920, 
the increasing expenses absorbed about 55% of the average net of 
the period prior to 1918. In 1920 the net operating earnings of 
Union Pacific amounted to 14.2% of the Funded Debt while that 
of the Composite was only 5.2% of the Funded Debt. 

Now notice the relative trends of the items making up the in¬ 
come structure for Union Pacific and the Composite Rail for the 
“12 months ending September 30, 1921”. The recovery, after Gov¬ 
ernment Control, of Union has been relatively less satisfactory than 
the average indicated by the composite. This is discounted by the 
market prices of the “Composite” common stock which at present 
is selling on a 4.8% yield basis, while the yield basis of Union Com¬ 
mon is about 8%. (The actual current yield may be read by placing 
the price at “100” on the underlying chart and reading the amount 
in blue figures at the dividend rate. Thus by placing the $57.00 of 
the Composite on the 100 blue line of the grid (of Union Pacific) 
the % paid on the Composite (2.7%) is read at 4.75%, which is the 
current yield of that dividend at a stockprice of $57.00.) 

Union Pacific Common as an investment has sold approximate¬ 
ly on the basis of its performance while the price of the average 
railroad common stock has sold largely on the basis of Government 
guarantee and on the prospect of future improved conditions for 
the rails. 

The purchaser of the common stock of the “average rail” at 
$57.00 a share will receive an average dividend of $2.70 or a re- 





turn of 4.75% on the amount of the purchase. 4.75%, at the 
present time, is a relatively low rate of interest to holders of com¬ 
mon stock and the price basis which makes this return indicates a 
considerable confidence in the future of the rails. 

During the 12 months ending September 30, 1921, the Com¬ 
posite Road has reduced the expenses of operation very materially 
so that while the “Gross—” remained the same the “Net—” has 
increased from 5.2% ($52.00 per $1,000) to 9.8% of the Funded 
Debt. For the same period Union’s “Net—” has declined from 
14.2% to 13.8% of the Funded Debt. 

The trend of Union the past three years has been slightly 
downward as indicated by the: “Total Income per $10,000 of Out¬ 
standing Stock”, the “Net Operating Earnings per $1,000 of 
Funded Debt”, the “% Earned for Preferred Stock”, the “% 
Earned for Common Stock”, the decrease in “Surplus”, the decrease 
in “Times Bond Interest Earned” and the “Margin of Safety”, the 
increase in the “Operating Ratio” and the decrease in the "Oper¬ 
ating Margin”. During the 12 months ending September 30, 1021, 
the trend of Union has been in opposition to the trend of the Com¬ 
posite. During the years 1919 and 1920 the slight downward 
trend of Union was relatively much less than the average downward 
trend indicated by the Composite.. For each year, however, it is 
essential to compare the “Maintenance Ratios” at the bottom of the 
charts before drawing conclusions as to general trends of earnings. 

The several items referred to in the preceding paragraph 
have a certain parallelism throughout the years Union Pacific has 
been analyzed. They are not repetitions of the same condition, how¬ 
ever. Variable cond.tions within each Corporation’s financial struc¬ 
ture may cause these several lines to converge or diverge. A like 
influence will be seen through changes in the income items. Thus 
an increase in “other income” (which is included in “Total In- 
ccme—” but excluded in “Net Operating Earnings”) during a year 
will appear in a relatively rapid rise of “Total Income per $10,000 
of Outstanding Stock” as compared to the “Net Operating Earn¬ 
ings per $1,000 of h anded Debt”. 

A change in Fixed Charges other than bond interest (such as 
rentals, lease of road, hire of equipment, etc.) would cause changes 
in the relations of the three areas: “Earnings applicable to Divi¬ 
dends per 10,00 ) of Outstanding Stock”, the “Surplus each year”, 
the “Margin of Safety” and the “Operating Margin”. The same 
effect might be produced by a change in the interest rate on the 
Funded Debt, by conversion of bonds into stock or any change in 
the relation of Outstanding Stock to Funded Debt. 

With the Railroad Composite on celluloid still registered over 
the Union Pacific Analagraph, refer to the top line on each chart 
which is the “Total Income per $10,000 of Outstanding Stock”. 
This item of the Union Pacific Analysis has been consistently higher 
than that of the Composite with the exception of one year from 
June 30th, 1915, to June 30th, 1916, when the two items were iden¬ 
tical. Below this line there is a shaded area w r hich represents. the 
proportion of “Earnings Applicable to Dividends per 10,000 of 
Outstanding Stock”. The wudth of this area is controlled by the 
relative amounts of Total Income and Fixed Charges per unit of 
Outstanding Stock. The measured wudth of the area is the “spread” 
between the two controlling items. Notice that by cutting the 
Fixed Charges in half the area is doubled. The spread or propor¬ 
tional difference is doubled. 

Union Pacific’s advantage over the Composite showing is due 
in some extent to the higher Total Income per unit of Outstanding 
Stock, but its principal advantage, in this respect, is derived from 
the relative position of Fixed Charges per unit of Outstanding 
Stock which is a much smaller item than that on the composite. 

The earning power (or Total Income) of Union Pacific, per 
share of stock outstanding, is somew'hat larger than that of the 
Composite road but the principal part of the difference in “Earn¬ 
ings Applicable to Dividends” is due largely to the great difference 
in the Fixed Charges. The “Fixed Charges per unit of Union 
Pacific Outstanding Stock” is about one-half the same item on 
the Composite. 







Now notice the very satisfactory record of “Earnings Appli¬ 
cable to Dividends” for Union Pacific as compared to the Com¬ 
posite or to most any other analysis. The relative showing for 
each year may be seen at a glance. 

About the center of the Union Pacific and the Composite 
Analagraph there is drawn a line indicating the “% Earned for 
Preferred Stock”, lower down there is a line marked the “% Paid 
Preferred Stock”. Notice the relative positions of each of these 
lines and also the relative distance between “% Earned ’ and % 
Paid” in each case. This distance is the measure of the spread or 
margin of safety of the Preferred Dividends. Notice also the in¬ 
tensity of the variations from year to year. 

The proportional difference between the “% Earned for Com¬ 
mon Stock” and the “% Paid Common Stock is marked “Surplus 
each year”. This is the margin of safety or spread over common 
Dividends. Notice the position of the controlling lines above and 
below this area. The dividend records and the earning records on 
the Common stocks are comparable at a glance. The relation of 
these items to the relative “Annual Price Movements of the Common 
Stocks” is very interesting. Their relations to the “Gross Oper¬ 
ating Revenue”, to the “Net Operating Revenue”, to the “Total 
Income”, the “Fixed Charges”, the “Expenses” and in fact to all 
the items indicated above affords a most practical and comprehen¬ 
sive basis of comparison. 

The “Times Bond Interest Earned” has been indicated in each 
case near the bottom of the charts. When this amount is greater 
than one, there is indicated a “Margin of Safety” above “one”. 

When this line does not parallel the “Fixed Charges per 10,000 
of Stock Outstanding” either the amount of stock outstanding has 
changed, the average interest rate has changed, or the fixed charges 
other than bond interest have changed. 

Notice that this item for Union Pacific has been much greater 
than the same item on the Composite. It has also been much more 
steady. The variations in this item should also be compared with 
the variations shown in the items in the upper sections of the 
charts. 

At the bottom of each Analagraph the two bottom lines indi¬ 
cate the “Operating Ratio” and the “Maintenance Ratio”. 

Notice that the “Operating Ratio” of Union Pacific has al¬ 
ways been materially lower than that of the Composite Railroad, 
but in the 12 months ending September 30th, 1921, the two Oper¬ 
ating Ratios are converging. Union Pacific Operating Expenses 
for several years has been a smaller proportion of its Gross Rev¬ 
enue. In the past 12 months, however, this advantage over the 
Composite has been reduced considerably. 

The maintenance ratio of Union Pacific has been lower than 
that of the Composite. This does not mean, however, that Union 
Pacific has not adequately maintained its property. 

These two lines are not comparable unless allowance is made 
for the relatively greater Operating Margin of Union Pacific. To 
make a direct comparison of the Maintenance Ratios, the Operating 
Ratios may be superimposed. When this is done, we notice that 
the Maintenance Ratio of Union Pacific has been relatively higher 
than the Maintenance Ratio of the Composite. Of Union Pacific’s 
total expenses a greater proportion has gone to expenses of Main¬ 
tenance. 

The Composite Operating Ratio in 1920 was 92% and the 
Composite Maintenance Ratio was 44%. Union Pacific’s Operating 
Ratio in 1920 was 75%, and its Maintenance Ratio was 35%, but 
35% is a larger proportion of 75% than 44% is of 92%. Rela¬ 
tively Union Pacific Maintenance charges were a greater part of its 
Total Operating Expenses. 

It is possible to make direct comparisons of individual vari¬ 
ables by moving the transparent analagraph up or down on an¬ 
other. In comparing the performance of Union Pacific with the 
Railroad Composite place the line “Unity or One” on the Composite 
directly on the blue line “2” of Union Pacific. Notice that in this 
position the “Annual Price Movements of the Common Stock” in 
each case practically coincides for the years 1909 to 1917 inclu- 





sive. Their relative range has been about the same during this 
period. For the same period notice the parallelism of “% earned 
for Common Stock” and the “% Paid Common Stock” in each case. 
Also the “Times Bond Interest Earned”, the “Gross—” and the 
“Net—” have a similar relation. 

Since 1917 the exchange value of Union Pacific’s Common has 
gone above the average. This is reflected definitely by the relative 
trends of the “Times Bond Interest Earned,” the “Total Income” 
and its relation to the “Fixed Charges,” the “Net,” etc., which 
became apparent during 1917, and these divergent trends continued 
during 1918-1919 and 1920. The market value of the stock re¬ 
flected the relatively better improvement of Union Pacific in 1918- 
1919, 1920 and 1921. 

The relative intensities of the variations of the several items 
on a single Analagraph are illustrated. Of all the rails, Union 
Pacific probably has the smoothest and most consistent record. 
Notice the comparatively small range of variations on the Union 
Pacific analysis as compared to Atchison, Topeka & Santa Fe, 
although Atchison has a remarkably smooth and even record as 
compared to Baltimore and Ohio, for instance. 

A comparison of two individual types with the aid of Anala- 
graphs is very instructive. To compare a corporation which is 
near the top in rating to one near the bottom of the list is in¬ 
teresting, for we can measure quite precisely the relative difference 
in position. To explain the application of Analagraphic compari¬ 
sons it is perhaps better to select two corporations which are nearly 
in the same classification, such as Union Pacific and Atchison, 
Topeka & Santa Fe. 

If these two analagraphs are placed side by side: notice, first, 
the identity of the position of the “Fixed Charges per $10,000 of 
Outstanding Stock” in each case (these are the second lines from 
the top). With the exception of the two years, 1908 and 1909, 
when Atchison, Topeka & Santa Fe’s Fixed Charges had increased 
to $630 per $10,000 of Outstanding Stock (or 6.3% of their total 
stock issued) the two items are practically identical. At the pres¬ 
ent time the Fixed Charges for each road are 4.2% of the par 
value of the stock issued. 

Now notice the top lines, which are the “Total Income per 
$10,000 of Stock Outstanding.” That of Union Pacific is remark¬ 
ably uniform and will average about $1,700 (or 17%). That of 
Atchison, Topeka & Santa Fe has not been quite so uniform. In 
past years Atchison, Topeka & Santa Fe’s Total Income has been 
smaller in relation to the stock issued. Its trend in recent years 
has been better, however, and during the past 12 months this 
amount has fully equalled that of Union Pacific. 

The difference between Fixed Charges and Total Income leaves 
a balance of earnings which are applicable to dividends. Notice 
that this area on Union Pacific’s analysis, which is representative 
of this proportional difference, has been, in past years, larger than 
that of Atchison, Topeka & Santa Fe, but the amounts are exactly 
the same for the twelve months ending September 30th, 1921. 
In 1920 Atchison, Topeka & Santa Fe suffered a relatively severe 
decrease in Total Income (due to increased expenses shown in 
another area) but in 1919 Atchison, for the first time, demon¬ 
strated its ability to earn for its stockholders the same propor¬ 
tional amount that Union Pacific earned. 

As noted above, Union Pacific common stock at $120.00, pay¬ 
ing $10.00, is on an 8% basis. Atchison, Topeka & Santa Fe 
Common at $90.00 is on a 6}4% basis. This relatively high price 
of Atchison is undoubtedly discounting the possibilities of an in¬ 
creased dividend rate, and a glance at the Atchison, Topeka & 
Santa Fe analagraph seems to justify this relative price for the 
common stock. 

At this time it is of interest to glance at the “% Paid Com¬ 
mon Stock,” the “% Earned for Common Stock” and the “Surplus” 
areas in each case. Notice, on Union Pacific, that once before, 
in 1913-1914, the narrow spread of Surplus between “% Paid” 
and “% Earned” approach a width about equal to the Surplus 
indicated for 1920 and 1921 and that this narrowing of the “Sur- 






plus” appeared a sufficient cause to justify a decrease in the 
common dividend rate from 10% to 9%, and then later to 8%. 
After the “% Earned” had again increased in 1916, the dividend 
rate was brought back to 10%, in 1917. 

Atchison, Topeka & Santa Fe has earned 15% on its Com¬ 
mon Stock during the years 1909, 1917, 1919 and again in 1921, 
but at no time have the directors seen fit to increase the dividend 
rate above 6%. If the directors continue their conservative policy 
of applying this surplus to improvements and betterments of the 
road, it seems improbable that the dividend will be increased in 
the immediate future. The matter of government valuations will 
also have an important bearing in the future policies of the road. 

The relative positions of the two preferred stocks may be 
seen at a glance. The distance between the lines “% Paid Pre¬ 
ferred Stock” and “% Earned for Preferred Stock” is a direct 
measure of the margin of safety over the preferred dividends. (To 
avoid confusion of areas, this area is not shaded on the charts 
but it can be readily vizualized without the shading.) 

Union Pacific has earned its 4% preferred dividend an average 
of almost ten times the past fifteen years. This consistent, smooth 
record is remarkable. With the exception of Canadian Pacific, 
no other road can show the same attainment. 

The margin of safety of the Atchison, Topeka & Santa Fe 
preferred dividend is less than that of Union Pacific or Canadian 
Pacific. Also, its relative fluctuations are greater from year to 
year. Notice that the trend is upward, while the trend on Union 
Pacific and Canadian Pacific is practically horizontal. From 1908 
to 1913, Atchison, Topeka & Santa Fe earned its preferred divi¬ 
dend about Sy 2 times. From 1917 to 1921 the preferred dividend 
was earned an average of almost six times. 

A comparison of the position and trend of “Times Bond In¬ 
terest Earned” in each case indicates that while Atchison, Topeka 
& Santa Fe has been strengthening the security of its Funded Debt 
by increasing its “Margin of Safety” that of Union Pacific has 
a slightly downward trend. Recently, Union Pacific’s bond interest 
has been earned about 3/4 times, while prior to 1912 it was earned 
four to five times. Recently Atchison, Topeka & Santa Fe has 
earned its bond interest 4/4 times, while prior to 1916 it was earned 
between two and three times. Such general tendencies or trends 
are clearly brought out by the analagraphs. The minor, year to 
year, fluctuations are also shown. 

The distribution of the Gross Revenues at the bottom of the 
Analagraphs clearly indicates that the two roads, in recent years, 
have each apportioned relatively the same percentage of Gross 
Revenues to maintenance expenses. 

The above remarks, in explanation of the use of analagraphs, 
are only intended to point out a number of the more important 
relations of typical analyses which are visualized by the charts. 
A detailed discussion of each particular relation, for the past 
ten to fifteen years, of the record of any two corporations, would 
fill several pages. 

After the reader has become familiar with the use of anala¬ 
graphs, the great amount of statistical data plotted and the many 
important relations, become apparent at a glance. 

R. E. McConnell. 





Explanation of Analagraph Notations 

RAILROADS 

TOTAL INCOME PER $10,000 OF OUTSTANDING 
STOCK: The Total Income is the Gross Revenue from all sources, 
including other income after deducting Operating Expenses of rail 
transportation, outside expense, taxes and uncollectibles. This 
Total Income is divided in all cases by the unit of stock capitaliza¬ 
tion (in other words by $10,000 Outstanding Stock). We are 
interested primarily in this amount in its relation to the stock 
outstanding. 

FIXED CHARGES PER $10,000 OF OUTSTANDING 
STOCK: The Fixed Charges include the Interest on Funded and 
Unfunded Debt, hire of equipment, rentals, lease of road, etc. 

EARNINGS APPLICABLE TO DIVIDENDS: The dif¬ 
ference between the Total Income and the Fixed Charges. The 
area represents the proportional differences, or the spread, between 
fixed charges and total income. 

GROSS OPERATING REVENUE PER $1,000 OF FUND¬ 
ED DEBT: The Gross Operating Revenue is the gross receipts 
from rail transportation. These items exclude “outside income” 
and are indicative of the earning power of the mortgaged property 
as a whole and the relation of the earnings to the funded debt. 

OPERATING EXPENSES PER $1,000 OF FUNDED 
DEBT: The Operating Expense area is the proportional difference 
between the Gross Operating Revenue and the Net Operating earn¬ 
ings. They are the operating expenses of rail transportation, which 
include expenses of maintenance of way and equipment, expenses 
of transportation, traffic, transport, general and miscellaneous. 
They are exclusive of taxes, uncollectables, outside expenses and 
fixed charges. 

NET OPERATING EARNINGS PER $1,000 OF FUNDED 
DEBT: The Net Operating Earnings are the difference between 
the gross operating revenue and the Operating Expenses of Rail 
Transportation. They are the net revenues of rail transportation. 

The ANNUAL PRICE MOVEMENTS of the corporation’s 
stocks are indicated by broad vertical lines. These lines represent 
the range of quotations for the common and preferred stocks dur¬ 
ing the year in which they are located. The heavy black line is 
the common stock range, and the light open line is the preferred 
stock range. 

Thus, in 1920, the Atchison, Topeka & Santa Fe common 
stock sold as high as $90 3/8 and as low as $76. The preferred 
sold as high as $82 and as low as $72. 

The highest price paid for the stock during the year is read 
from the top of the broad vertical line; the bottom of the same line 
expresses the lowest transaction for the year. 

OUTSTANDING STOCK PER MILE OF ROAD OWNED 
is indicated by a dotted line. 

THE FUNDED DEBT PER MILE is also indicated by a 
dotted line, and the small black circles represent conditions as of 
December 31st, or June 30th, as the case may be. 

These figures in many cases are not of primary importance, 
as they are not always comparative and may be very misleading. 

PER CENT EARNED FOR PREFERRED STOCK is ex¬ 
pressed in percent of par, or directly in dollars when par is other 
than $100. This is obtained by dividing the earnings applicable 
to dividends by the total par value of the outstanding preferred 

stock. 

PER CENT EARNED FOR COMMON STOCK is expressed 
in per cent of par, or directly in dollars per share when the par 
is other than $100. This is obtained by dividing the earnings ap¬ 
plicable to common dividends by the total par value of the common 
stock outstanding. 






PER CENT PAID COMMON STOCK is expressed in percent 
of par value, or dollars per share, and represents the annual com¬ 
mon stock dividend. 

The SURPLUS EACH YEAR is the proportional difference 
between the per cent earned, and the dividend paid. A portion of 
the surplus may be accumulated as liquid reserves, and a portion 
may be diverted to improvements or betterments designed to increase 
the earning power of the property. It may be that a portion of 
the liquid reserves accumulated by the surplus will be paid out in 
future lean years as dividends. It is usually necessary to apply the 
bulk of this surplus in sustaining the property in a competitive 
position and rarely will the entire amount earned be paid as divi¬ 
dends for any length of time. This area may be called the margin 
of safety over dividend payments. It is the proportion of earnings 
remaining after paying dividends. Notice that this amount is sub¬ 
ject to accentuated variations. 

PER CENT PAID PREFERRED STOCK is the annual divi¬ 
dend paid preferred stockholders. 

TIMES BOND INTEREST EARNED is obtained by divid¬ 
ing the Total Income less rents, hire of equipment, etc., by the 
amount of the bond interest. This line does not parallel the “Net 
Earnings” and “Total Income” lines because the “other income” 
outstanding stock, rents, etc., and interest rate on Funded Debt 
do not remain the same. 

The MARGIN OF SAFETY is the proportion of Income re¬ 
maining after paying bond interest. 

Below Line 1 on the Analagraph, the ratio chart has been 
supplemented by the ordinary arithmetical chart which reads from 
Zero to One. 

On this lower part of the chart the Gross Operating Revenue 
is expressed by the distance from Zero to 1 or 100%, and the 
manner in which the gross revenue has been distributed is indicated 
by the three areas. The gross revenue is divided into percentages 
of expenditures each year for maintenance (represented by the lower 
area), for traffic transportation and general expenses (represented 
by the intermediate area) and the sum of all these expenses, which 
is the ratio of Total Operating Expenses, is shown by the second 
black line, called the “Operating Ratio”. The percent which is left 
after deducting all Operating Expenses, is represented by the 
Operating Margin, or the distance between 100% and the Operating 
Ratio. 

A Deficit is indicated whenever the Total Income falls below 
Fixed Charges; when the Times Bond Interest Earned is less than 
one; when the Per Cent Earned per Share is less than the dividend 
rate, or when the Operating Ratio is greater than one. 




Explanation of Analagraph Notations 

COPPERS 

OPERATING REVENUE PER SHARE of stock outstand¬ 
ing expressed in cents. This includes the gross operating receipts 
from sales of copper, gold and silver produced, rentals, interest, etc., 
plus miscellaneous income such as dividends and capital distributions 
on securities held by the company. 

OPERATING EXPENSES PER SHARE of stock outstand¬ 
ing expressed in cents. This includes the Gross Operating Cost of 
mining, milling, treatment, refining, freight, stripping, ore selling, 
commissions and taxes. It is exclusive of amortization. 

THE TOTAL INCOME PER SHARE of stock outstanding 
is the proportional difference between Operating Revenue per Share 
and Operating Expenses per Share. This is indicated by the shaded 
area which represents the percentage of income to the Gross Rev¬ 
enue. The amount may be obtained for any year by deducting the 
amount shown by the small circle on Operating Expenses per Share 
for that year, from the amount shown by the small circle for the 
same year on Operating Revenue per Share. 

If a corporation under advanced price conditions earns the 
same amount per share as under lower price conditions, the security 
holders will receive a less relative return or advantage because their 
income buys relatively less. When all prices are advancing, the 
expenses of doing business increases and usually the price of the 
product will keep step and cause an increase of the Gross Operating 
Revenue. The worth of the Total Income per Share under these 
advanced price conditions is visualized by the area. 

When both the Operating Revenue per Share and Operating 
Expenses per Share increase by the same amount, the same amount 
of Income per Share is indicated by a shorter distance between 
these two controlling items. The percentage or “spread” per share 
has become less. 

RESERVE ORE developed and remaining in the mine, ex¬ 
pressed in millions of tons (e. g. 000,000 omitted). This amount 
is always the result of an engineer’s estimate. It may be deduced 
from the results obtained from underground workings or may be 
calculated from the assayed samples of churn or diamond drill holes. 
In the case of the “porphyry coppers”, the estimated tonnage and 
value thereof is likely to be very close to the actual. In some types 
of ore deposits it is impracticable to accurately estimate the ton¬ 
nage and value. 

PER CENT COPPER IN RESERVE ore, expressed in hun¬ 
dredths of one per cent. 

PER CENT COPPER IN TREATED ORE, expressed in 
hundredths of one per cent. 

PRODUCTION PER SHARE expressed in pounds of copper. 
This is an important factor and an aid in forming judgment when 
comparing copper security values. 

PRICE MOVEMENTS OF THE COMMON STOCK. The 
highest price paid for the common stock, during the year, is read 
from the top of the heavy vertical line. The bottom of the line 
expresses the lowest transaction for the year. 

DAILY TONNAGE. This is the average daily tons of ore 
handled, expressed in thousands of tons (000 omitted). 

PRICE OF COPPER expressed in cents per pound. This is 
the price received by the producer and varies somewhat with differ¬ 
ent companies. The annual production of one company may sell 
for a cent or more a pound above or below the same year’s produc¬ 
tion of another company. This may depend upon sales contracts, 
etc. When the price received for copper is not reported (as 
in the case of Anaconda) an effort has been made to estimate 
this item. 




COST OF COPPER produced, expressed in cents per pound. 
These costs include depreciation, local and state taxes, fixed, gen¬ 
eral and maintenance charges of every kind, and all expenses of 
smelting, transportation, refining and selling. To these costs have 
been credited the income derived from the sale of gold and silver 
produced and that from miscellaneous sources incident to the pro¬ 
ductive activities of the company. (Inspiration is an exception. 
Costs are calculated before deducting depreciation.) 

PROFIT ON COPPER produced, expressed in cents per pound 
is the difference between Price of Copper and Cost of Copper. 

DOLLARS EARNED, per share of stock outstanding. This 
is derived by dividing the net income by the number of shares out¬ 
standing. (The net income is the total income less interest, if any.) 

DOLLARS PAID per Share, represents the annual dividend 

rate. 

SURPLUS EACH YEAR per Share is the percentage differ¬ 
ence between Dollars Earned per Share and Dividends Paid. A 
portion of this surplus may be accumulated as liquid reserve, a 
portion may be diverted to improvements and betterments which 
are designed to maintain or increase dividends, or a portion in 
lean years may be paid out as dividends. It is usually necessary 
to use the bulk of this surplus to maintain the property in a com¬ 
petitive position. In younger and/or more conservative companies, 
the dividends may be a smaller part of the earnings. 

DEFICIT. This is the proportional difference between Divi¬ 
dends and Dollars Earned per Share, when the dividends are larger 
than the earnings. 

WORKING CAPITAL PER SHARE expressed in dollars. 
The working capital, or net quick assets, is the difference between 
the current assets and current liabilities. 

OPERATING RATIO is the Gross Operating Expenses divid¬ 
ed by the Gross Operating Revenue. This line is a standard in¬ 
dicator. As it rises toward “1.00”, or Unity, the dividends, earn¬ 
ings, surplus, bond interest and security are all endangered or cut 
off. Notice that this line is plotted on arithmetical ruling as it is 
already a ratio or relative factor. 

OPERATING MARGIN is the difference between the Operat¬ 
ing Ratio and Unity. It represents the percentage excess of Rev¬ 
enues over Expenses. 

PER CENT COPPER LOST in treatment. The “extraction” 
is the vertical distance to “1.00”. 





RAILROAD COMPOSITE 



Ratio of Expenses for Mamtenance(Mu>pn>tm. Way and Smicmr^to Gross Operating Revenue 



































































































































































































































































31130*1 MOO 0A0FUIAS1 













































































































































































































































































































































































1906 1907 1908 1909 


ANALAGRAPHS 

37 WALL STREET, N Y. - HANOVER 9300 
1911 • 1912 1913 1914 1915 


10,000 

9.500 
9000 
asoo 
0000 

7.500 
7.000 

6.500 

6,000 

5.500 
5000 

4.500 
4,000 



Our Analvse3, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. £. McConnell 


Patent Applied tor, 


















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALA6RAPHS 

37 WALL STREET, NY- HANOVER 9300 


- r -“| ioiooo 

d-1- 9.500 



OUR ANALYSES. WHI 
ARE BELIEVED ACCURAT 


H HAVE BEEN DERIVED FROM THE MOST RELI 
ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 






































































































































































































































































































































































































































































































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V* 














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1906 


ANALAGRAPHS 

37 WALL STPEET. N V - HAKJOVEP 9300 


10,000 

9.500 
aooo 
asoo 
8.000 

7.500 
7.000 

6.500 
6,000 



Our Analyses, which have been derived from the most reliable 
are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E. McConnell. 

* -:f —... t— t--*•-*--•' 


Patent Applied f( 


















































































































































































































































































































































































































































































































































































































































































































AIRGRAPHS 

STREET. NY- HANOVER 9300 

i 1915 i 1916 i 1917 i 1918 , 1919 t I9fl) i 1921 



OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PAT ENT APPLIED FOR 



































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































10.000 

9.500 
9,000 

8.500 
8.000 

7.500 
7.000 

6.500 

6.000 

5.500 
ijOOO 
4500 
4000 


3,000 

2.500 


ANALAGRAPHS 


10,000 


> ■- ■ j 


‘/•■XI 


8.500 


K.000 


' /:■ 


:c:o 


' f ■■■■■;• 


6,COO 


1 :■>) 


. ' 




- 4.000 


• i 


i./ ■ 


000 


Copyrighted, 1921, by R. £. McCi 


Patent Applied for. 











































































































































































































































































































































































































































































' ' V • 
















































































































































































ANALAGRAPHS 

37 WALL5TPEET. N.Y. - HANOVER 9300 

1911 1912 1913 1914 . 1913 



Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Issued Nov. 15,1921 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied for, 
































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPEET. NY- HAKJOVEP 9300 



Our Ajialyses, whi. 
arc believed accurate 

Copyrighted, 1921, by R. E. M< 


,920 1 f92l 

Issued Nov. 15,1921 



























































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STREET. N Y - HANOVER 9300 

10^0 jf—y — ^"‘y 7 I l9 |S^ 4"-1^-l l<13 I L 1 916 1917 1918 1919 1 1920 


°« 10.000 

9.500 

1188 
8.000 

7.500 
7,000 

6.500 
6,000 



1907 ‘ 1908 


Ratio of Expenses for Maintenance. equipment. wiyjM .Wmrcs) to Gross Operating Rovem-e 


Issued Nov. 15. 1321 

BEEN DERIVED PROM THE MOST RELIABLE SOURCES. 
JSH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 






















































































































































































































































































































































































































































































































































































10.000 

9.500 
9.000 

8.500 
8.000 

7.500 
7.000 

6.500 
6.000 
5500 
6500 
4500 
4500 

500 

3,000 

2500 


2,000 


1.500 


1,000 

1% 

850 

600 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 


200 


150 


100 


85 

80 

75 

70 

65 

60 

55 

50 


45 


40 


35 


30 


25 


20 


15 



2.0 


th5 


1.0 

09 

0.8 


0,7 

0.6 

05 

04 

05 

0.2 

0.1 

0.0 



ANALAGRAPHS 

37 WALL STPEET. NY- H AMOVE I? 9300 


-Ami# Price Movements 


trflfoefenw 


Operating ' Margin ■ 


Transportation, and Genei 


or Maintenam 


Cur Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


tjTtWTJIJl 


wmagm -• 


10,000 

9.500 
9.000 
a 500 
8.000 

7.500 
7.000 

6.500 
6,000 
5,580 
5000 

4.500 
4.000 

3.500 
3.000 


2500 


2.000 


1,500 


1.000 

950 

900 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 


200 


150 


85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 

25 


20 


15 


a 

9 

8.5 
80 
75 
7.0 

6.5 
60 

5.5 
6 0 
45 
40 

35 

30 

25 


20 


J.5 


10 

0.9 

0.8 

07 

06 

03 

04 

05 

0.2 

01 

0.0 


Copyrighted, 1921, by R, E. McConell, 


Patent Applied for. 









































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































' ; 

















































































































































































































































































































































































































































































































































10,000 

looo 

&500 
6.000 
7500 
7 , 00 0 

6.500 

6.000 

5.500 
5,000 
•4500 
4500 


2.500 


4REW^0PTHEI?N mAy CO. 



-ooo-- 



1 —.| I - % Ratio of Expenses for Maintenance .[Equipment. Wj> and Structures!}. {q Cross Operating R pvp n ip~ t --1 - ~ 

^- 1—tT —, 7^^7 r r i | ^' T y MII | " ^g 11 ' ""^e n 

Issued Ncv ;5. 1921 


450 

400 

350 

300 


Copyrighted, 1921, by R. E. McConell, 


Patent Applied (or. 










































































































































































































































































































































































































































































































































Cur Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConell. 


Patent Applied for. 



































































































































































































































































































































































































































































































































































































































































































































































































iojooo * s p 6 U 

P Jz d— 1 

gooo I ■ 

7.500 -B--U 

7.000 -1 -j- 

6.5 CO -tm^rr-F 

is Mi 

w fes ; 

4500 -rij—n 

4j5co -jFEEi- 

3.500 J f"" 


3.0CO 


ANALAGRAPHS 

37 WALL STREET. N. Y. - HANOVER 9300 

1914 i 1915 i 19)6 


■opHnumnnaanB 


anma 


“f 


10 WSA 5 lI)Ty 


~ppt 

I i i 


1--B 


10,000 

9.500 
9.000 

8.500 
8000 

7.500 
7.000 

6.500 

6,000 


5000 















































































































































































































































































































































































































ANALAGRAPH5 

37 WALL STREET. N Y. - HANOVER 9300 



Copyrighted. 1921, by R. E. McConnell. 


Patent Applied ior, 




































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALLSTf?£ET. N V. - HANOVER 3300 
1910 i 1911 - t 19tg , 1913 , 1914 , 1915 


1916 i 1917 i 1916 



LOUSVILLE & NASHVILLE R.R. CO. 


10.000 

9.500 
1.000 
1500 
8.000 

7.500 
7.000 

6.500 
6,0 CO 

5.500 
&000 



I9l6 1 1919 1 1920 

Issued Nov 15 13? 

OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 




















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPEET. NY- H AMOVE I? 9300 



10,000 

9.500 
9.000 
asoo 
8.000 

7.500 
7.000 

6.500 

6.000 

5.500 
6000 

4.500 
1.000 

3.500 


1.000 

950 

850 

800 

750 

700 

650 

600 


500 

450 

400 


1.0 

0.9 

0.8 

07 

0.6 

05 

04 

0.3 

0.2 

0.1 

0.0 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 







































































































































































































































































































































































































































































































































ANALA6RAPHS 


i 


> 



37 WALL STPEET. NY- HAMOVEP 9300 


10.000 

9.500 


10,000 

9.500 
aooo 
asoo 
8.000 

7.500 
7.000 

6.500 
6,000 
5,580 
5000 

4.500 


6.500 
8.000 

7.500 
7.000 
5500 
6.000 
5500 
5.000 
4500 


MISSOU 


?OAP CO. 


mtfjgWO.SOOiof Outstanding Stock 




pr $1000 


tijljj f 




KWEffiMljjt 


for dot! Debt) per Mitej 


'faferrdtPSIod 


Arm:! fmo 


Mevfefnet tsaf 


gtmpon 


j ukta^dij ig Sto ck 


Gross ft 


la io of Ex ieoses It fTF; 


S 


J3tfelDtl?ra 


igs~ ut Maint iiran ie[hi mpn cm,’ EESyimin liiiiaum 


as: Dcaiatii; j P.t L'ena 

j ■■si w « ! W I 


Our Analyses, which have been derived from the 
are believed accurate although not guaranteed. 


Ie sources, 


Copyrighted, 1921, by R. E. McConnell, 


ifmjijHiiwSI 













































































































































































































































































































































































































































10,000 

9.500 

9.000 


NEW YORK CENTRADRgjIlEB 


$10,000 o? 


Ratio of Expenses for Traffic, 


Transportation, 

afiog Revenue -T 


Ratio of Expenses for Wafnli 


BhyWckt Way 


s)fo.^s|per|fm|K!^^ 


although not guaranteed. 


Copyrighted, 1921, by R. E. McConell. 


Patent Applied for. 

































































































































































































































































































































MALAGRAPHS 


10.000 
9.500 
• 9.000 
asoo 


NEW YORK, CHICAGO & ST. LOUIS RR CO. 



• <* - ' G 0 ' - o - - — U — - J_. 

Ratio of Expenses for Maintenance L fewpn wH. Way jami s <ruau<.>)to Gioss Operating Revenue 

83 


OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920, BY R E. MCCONNELL 


PATENT APPLIED FOR 



























































































































































































































































































































































































































































10.000 


9.500 
9000 
asco 
aooo 

7.500 
7.000 


NEW YORK NEW HAVEN & HARTFORD P.2. CO. 




^Outstanding 




Paid C om m otr Stptit- 


of Safety 


Expanse to Jross OperatnS^l!^ 


for’Traffic, Vransportal 


-Ratio efTxfXwm 


rtot»_&f€jip«flses for M a in tenwe e K Kqa pnrcnt, V itj a nrf jjflnmnrejJHo fiross 


■-- 


ihted, 1921, by R. E. McConell 


















































































































































































































































































































































































































































% 
















































































































ANALAGRAPHS 

37 WALL STREET. N Y. - HANOVER 9300 


liSISH! 


°“ r Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell, 


Patent Applied for. 

















































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 



Our Analyses, which have been derived from the moat reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied for, 











































































































































































































































































































































































































































































































































































































































































































































































































* 










r- 














•»- ' - 




} * 






. • - I 





■ . 


- 



























«T 











i 





















































































































- ..... 













* 



















Copyrighted. 


1500 


aooo 

2.500 
2,000 

1.500 


1,000 

950 

900 

850 

800 

750 

TOO 

650 

600 

550 

500 

450 


alyses, which have been derived from the most reliable sources, 
ed accurate although not guaranteed. 


1921, by R. E. McConnell. 


Patent Applied ior. 


ANALAGRAPHS 

37 WALL STREET. N. Y. - 


10,000 

9.500 


8.000 

T.500 

7.000 

6.500 

6,000 

5.500 
5000 
4500 
4000 







































































































































































































































































































































































































































































































































































































































































































\ 


t 


. I\ 




* 











* 





■ 


* 




•* 






.■ 













k 




























































- 






* •» 

































*• 

















ANALAGRAPHS 

37 WALL STREET. N Y. - HANOVER 9300 



1920 

Issued Nov. 15,1921 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied for, 



















































































































































































































































































































































































































































































































































































































ANALAGRAPH5 



37 WALL STPEET. N V - HAMOVEI? 93( 




^ of Outstaying 


Annual Price Movements of 


O p e r a tin g M a rg 


j^ilade ptiih 


tevenue 


of Expenses (or Main ten; 


mcelf.iuipnK-m, Wjv 












1-* 



— 

L 



o 

r 



J 

- 



10,000 

9.500 
9000 
9500 
8.000 

7.500 
7.000 

6.500 
6,000 


5,500 

5000 


4,500 

4.000 


1,500 


900 

850 

800 

750 

700 

650 

600 


550 

500 

450 


400 


350 


250 


200 


150 


15 


I 0 
09 
0.8 
07 
06 
05 
04 
03 
02 
0 I 
0.0 




























































































































































































































































































































































































































































































































































































































































































































































































































i 



ANALAGRAPHS 

37 WALL STREET, N.Y. - HANOVER 9300 


Aimdsd Debt per 


oi total'dpi 


of Expenses for traffic] 


r ra ns p brtafionjsnd Genei 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied for. 














































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STREET. N.Y. - HANOVEI? 9300 

1911 •. 1912 , 1913 . 1914 . 1919 



Issued Nov. 15, 1921 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied lor. 
























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 


37 WALL STPEET. NY- HANOVEP 9300 




■ice Hwemenfs 


Common 


Ma 




Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 






















































































































































































































































































































































ANALAGRAPHS 


37 WALL STPi 




i 1319 ( I9?0 i 1921 



lough not guaranteed. 


)m the most reliabl 


al?" 1 ' T|»" ' 1921 

Issued Nov. 15, 1921 


e sources, 


Copyrighted, 1921, by R. E. McConell, 


Patent Applied (or. 













































































































































































































































































































































































































































































































































4 






' M 




v * t 




V.! 


*. } 





















» 

i 






J 

























































4« 

f 












i 

V 




.. 















































































































‘ 




J' 















i 


t 




* 














ANALAGRAPHS 

37 WALL STREET, N Y. - HANOVER 9300 


8.500 

8.000 

7.500 
7.000 

6.500 

6.000 

5.500 
5,000 

4.500 
4.000 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied for. 
















































































































































































































































































































































































































































































































































































































































































































































































































































































































10,000 

goto 

8500 

aooo 

7.500 
V 7.000 
kl aooo 
f 6.000 

6.500 


1906 1907 


1908 


ANAL.AGRAPHS 

37 WALL STREET. N Y. - HANOVER 9300 
1911 • 1912 1913 1914 1915 


10,000 

9.500 
9000 

8.500 
8,000 
T.500 
7.000 

6.500 
6,000 

5.500 
5000 



1906 


Issued Nov. 15, 1921 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied ior, 




































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































- T. 















ANALAGRAPHS 

37 WALL STREET, N.Y. - HANOVER 9300 

1912 i 1913 i 1914 . 1915 i 1916 


i ^iiii nrJiij 10,000 

9.500 
,000 

_.500 
8,000 

7.500 
7,000 

00 

3 - 6.000 
I- 5,500 
5000 
4500 



1920 ' 1921 

Issued Nov. 15.1921 

derived from the most reliable sources, 
guaranteed. 


Copyrighted. 1921, by 


McConnell. 


Patent Applied for. 






























































































































































































































































































































































































































































































































































1906 1907 1908 1909 


ANALAGRAPHS 

37 WALL STREET. N. Y. - HANOVER 9300 
1910 1911 ' 1912 1913 . I9U . i<*is . loin 



Issued Nov. 15, 1921 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell, 


Patent Applied for. 




















































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 



37 WALL STREET. NY- HANOVER 9300 


WESTERN RAC1FIC R.R.CORR 


8.000 

7.500 
7.000 

6.500 

6,000 

5.500 
5000 
4.50Q 
4.000 


Bremer: 




rses, which have been derived from the most reliable sources, 
accurate although not guaranteed. 


Patent Applied for. 


Copyrighted, 1921, by R. E. McConell, 













































































































































































































































































































































































































































































































































































































































































































































'907 i 1908 , 1909 


ANALAGRAPH5 

37 WALL STREET. N V - HANOVEP 9300 
1911 t 19'? . 1913 , 1914 , 



JUS -1 1919 1 7?? 

Issued Nov. 15.1921 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 



























































































































































































































































































































































































































































































































































































































































































> 


































ANALAGRAPHS 


37 WALL ST 


- HANOVEP 9300 



INDUSTRIAL COMPOSITE 


Annual Price Movements of 


Preferred 


Outstanding 




Movements of 


mmo 



.— 1 


rrrl 



r - 

—^9 


















i 


1 







\ 





OUR ANALYSES 
ARE BELIEVED ACC 


WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES 
URATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT.APPLIED FOR 
































































































































































































































































































































































ANALAGRAPHS 



10.000 

9.500 

ffi 

0000 

T.500 

7.000 

6.500 
6000 

5.500 
6000 

4.500 
4.000 
6500 


e.ooo 


1,500 


1.000 

950 

300 

850 

800 

750 

700 

650 

600 

550 


500 

450 

400 

350 

300 


250 


200 


150 


n 

e5 

80 

75 

7.0 

65 

60 

55 

5.0 

45 

40 

35 

30 


20 


1.0 

0.9 

0.8 

0.7 

0.6 

0.5 

0.4 

03 

0.2 

0.1 

0.0 


















































































































































































































































































































































10,000 

9.500 
9,000 
asoo 
aooo 

7.500 
7,000 

6.500 

6,000 

5.500 
5,000 
■4,500 
4.000 

3.500 
3,000 


2,500 


2.000 


1,500 


950 

900 

850 

800 

750 

700 

650 

600 

550 

500 


ANALAGRAPHS 

37 WALL STREET. N Y - 


Issued Nov. 15.1321 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell; 


Patent Applied for. 










































































































































































































































































































































































































































































































































































































































































































































































ANALASRAPHS 

37 WALL STREET. N Y - HANOVEP 9300 
19)1 1912 i 1913 1914 1915 , I 


10,000 

9.500 
9.000 

8.500 

aooo 

7.500 
7.000 

6.500 

6,000 

5.500 
5i000 

4.500 
4,000 


AMERICAN HIDE 




EHKRKl 


OUR ANALYSES. WHICH HAVE BEE 
ARE BELIEVED ACCURATE ALTHOUGH 


N DERIVED FROM THE MOST RELIABLE SOURCES. 
NOT GUARANTEED. 


COPYRIGHTED, 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 





























































































































































































































































































































































































































































































































































































































































































































10.000 


AMERICAN LOCOMOTIVE 


.—; Annual Price Movements 


of Preferred Stock* 


fffll ions 0 * Hjbu^cfan^In^ 


Annual Price Movements 


Paid Preferred Stock 


Issued Nov. 15.1921 


Copyrighted. 1921, by R. E. McCo 




























































































ANALAGRAPHS 


60 



10,000 

9.500 
9.000 

8.500 
8.000 


WOO 

4-5000 


300 

250 


2.0 































































































































AMERICAN STEEL FOUNDRIES. 


! rioe Movements 


Preferred Stock 


Millions Outstanding 


Operating Margin 


Operating Expenses to 


;h not guaranteed. 




o Jr 

1/ 



5*1 

^ / 

s /s 

9 / # 

0/ 

/ A 


f/1, 


< 


/ w 

/ \s 

— .1 

f/l /. 
;;J /4 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT.APPLIED FOR 































































































































































































REFINING CO, 


AMERICAN SUGAR 


Outstanding Stock 


Balance after Depreciation per $10,000 oi.Outstanding Stcck 


.per $10,000 of'Outstanding Stock 1 


Out standing 


Millions 


Surpl us Each Year 


f Paid Common Stock V^^^Pr^rredStock: 


Unity or One 


OPYRI 


MCC 


PATENT APPLIED FOR 


































ANALAGRAPHS 

WALL STREET. N Y. - HANOVEP 9300 


10,000 

9.500 
9.000 

asoo 

8,000 

7.500 
7.000 


AMERICAN WOOLEN CO. 






i. ■ 41 . - a. 


Annual Price Movements 


of Preferred Stock 


Millions Outstanding 


*jo Paid Preferred Stock 


OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920, BY R. E. MCCONNELL 


PATENT APPLIED FOR 













































































































































































7 ANALAGRAPHS 



















































































































































































ANALAGRAPHS 

WALLSTPEET. N.Y. - HANOVER 9300 


10.000 

9.500 
9000 

8.500 
8,000 

7.500 
7,000 


BALDWIN L0COHOTOE WORKS 


Annual J»ric8M«vwieflts 


Ouf&fan^inVi 


'Milliona 


facfriYgarj- 


Preferred Stock 


id Common Stooir 


Operating 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied ior. 



















































































































































































































































































































ANALAGRAPHS 
















































































































































































































































































































































































































































ANALAGRAPriS 

WALL STREET. N. Y. - HANOVER 9300 


10,000 

9.500 

m 

8,000 

7.500 
7,000 

6.500 
6,000 

5.500 
5i000 
4500 
4000 


Earned Tor Preferred StacK 


Earned for Common 


.Common 


Paid Preferred Stock 


: Common ; 


from the most reliable sources, 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied ior 
























































































































































































CORN PRODUCTS REFINING CO. 


Total Income 


Per f10.000 of 


Outstanding Stock 


Interest and 


Annuli Price Movements of Preferred Stock 


Arf.tii! Price Movements ol Common Stick 


y<, Paid Common Stock 


I Paid Preferred Stock 


> W q rki *» t 




o ■> 




“ :■ ■ .1 




Issued Nov. 15.19i1 


ANALAGRAPHS 

' WALL STPEET. NY- HAMOVEP 9300 


H5STT 


- -! 


Copyrighted, 1921, by R. E. McConnell. 


Applie 


for. 








































































































































\ 



















* 






S' 


» 

t 


















f 




i 


1006 


1907 


1908 


ANALAGRAPHS 

37 WALL STREET. NY- HANOVER 9300 


10,000 

9.500 

9.000 

9.500 

b.000 

7.500 
7.000 

6.500 

6.000 

5.500 
&000 



OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1020, BY R. E, MCCONNELL 


PATENT APPLIED FOR 














































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































&OGC 
i 7,500 
TOCO 

6.500 

6.000 

5.500 
5.000 

4.500 

4000 

5.500 
3.000 

1500 


2,000 

> 

1.500 



850 

eoo 

750 

700 

650 

600 

550 

500 

450 

400 

350 

| 300 

250 


too 


150 


85 

80 

75 

70 


65 

60 

55 

50 


45 


40 


35 


30 


25 


20 


15 


■*S 

9.0 

85 

8.0 

75 

7.0 

65 

60 

5.5 
5.0 

4.5 
4.0- 

3.5 
3.0 < 


2.5 


2.0 


J.5 


1.0 

0.9 

0.8 

0.7 

0.6 

.0.5 

0.4 

0.3 

0.2 

0.1 


0.0 



ANALAGRAPHS 

37 WALL STPEET. NY - HANOVEP 9300 




Operating 


DTU : 











OUR ANALYSES. WHICH HAVE BEEN DERIVED PROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


10.000 

9.500 
9.000 

asoo 

8.000 

7.500 
7.000 

6.500 

6,000 

5.500 
5000 

4.500 
4.000 

3.500 
3.000 


2,500 


2.000 


1,500 



900 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 


250 


200 


150 



85 

60 

75 

70 

65 

60 

55 

50 


45 


40 


35 


30 


25 


20 


15 


85 

80 

75 

7.0 

6.5 
6.0 

5.5 
5.0 
45 
40 

35 

30 

25 


2.0 


1.5 


1.0 

0.9 

0.8 

0.7 

0.6 

05 

0.4 

03 

0.2 

0.1 

0.0 




COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 
































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































pi 

tooo 

7.000 

WOO 

6.000 


WOO 

WOO 

3,500 


AGRAPHS 


GENERAL ELECTRIC CO. 


r“i 



Ratio ot Total Operating Expenses to Gross OperatingiteveiwT 


in 

fcO Emh 


S 


dmrw 


M6~ 


Ifll l 1313 I 014 1 J9I5 1 1916 


mm ■ MnUml 

il7 1 1916 1 1913 1 !9tJ l i5t 



■ been derived from the most reliable sourci 
)USH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 


















































































































































































































































































































































































































































































































































































































































analagraphs 


aF. GOODRICH CO. 

Note-. On assumption that 
7 *]<> notes have been out¬ 
standing since i 9 i 2 . 



ANALYSES. WHICH HAVE BEEN DERIVED FROM T 
IEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


IE MOST RELIABLE 


COPYRIGHTED. 1920, BY R E. MCCONNELL 


PATENT APPLIED FOR 

































































































































































































































































































































































































































































































ANALAGRAPHS 



U - HANOVC& 9300 


INTERNATIONAL MERCANTILE 


MARINE CO. 


Annual Price Movements of Preferred Stock 


{Operating Margin 


Expenses ^ 


OUR ANALYSES. WHICH HAVE BEEN DERIVED PROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


10.000 

9.500 
9.000 
8500 
8.000 

7.500 
7.000 

6.500 
6,000 

5.500 
5000 

4.500 
4.000 


5.500 


2.500 


2.000 

1,500 


1.000 

950 

900 

850 

800 

750 

7C0 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 


150 


85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 

25 


20 


13 


5 

85 

69 
73 

70 
6 9 
60 


5.0 

45 

40 

35 

30 

2.5 

2.0 

1.3 


1.0 

0.9 

0.8 

0.7 

06 

05 

0.4 

03 

0.2 

0.1 

0.0 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 







































































































































































































































































































































































































































































































































































































































































































































































































































































































. * 










r 







* 








* 4 


«* 


- 4 










-*• 









t 


* 




* 




■*r 






* 































> 






f 


.* 



t 










* 
















■fc 





















r» 




ft 















, 0.000 

sioo J— i 
8000 -I-i 


1908 


1909 


19,0 


ANALAGRAPHS 

37 WAUL ST?eet. N V - HA WOVE? 9300 
•91! i 1918 . ,9,3 . 1914 . IOiS . .a>c 



192, 


_ . , Issued Nov 15. 1921 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL S7PF.CT. NY - HANOVER 9300 


KELLY-SPRIN6FELD 


Preferred S ocK 


4 0-3 





1 

1 

/ c 

£ 


OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


iaooo 

9.500 
9.000 

8.500 
8.000 

7.500 
7.000 

6.500 

6.000 

5.500 
5000 

4.500 
4,000 

3.500 
3.000 

2.500 


2.000 


1,500 


.000 

950 

900 

850 

800 

750 

700 

659 

600 

550 

500 

450 

400 


350 


300 


250 


ZOO 


150 


85 

80 

75 

70 

65 

60 

55 

50 

45 


40 

35 

30 


25 


20 


13 


'8 

6 5 
8.0 
75 
7.0 
63 
6.0 

5.5 
5.0 
45 
40 

3.5 
30 

2.5 


£0 


1.5 


1.0 

0.9 

0.8 

0.7 

0.6 

05 

0.4 

03 

0.2 

0.1 

0.0 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PAT ENT.APPLIED FOR 

























































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPLLT. N Y - HANOVER 9300 

191! 1912 


ID.000 

9,590 



Issued Hot. 15. 1921 

OUR ANALYSES. WHICH HAVE BEEN DERIVE D FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PAT ENT . APPLIED FOR 







































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 


PITTSBURGH COAL CO, 


4500 


At Outstanding Stock 


Movements. nf Preferred 


Annual Price 


v4o &*£££*< 


Millions 


Paid Preferred 


Common 


:-— 


Operating Margin 


Operating 


ARE BELIEVE 


COPYRIGHTED. 192< 


mooo 

9.500 
9,000 

8.500 

8.000 

6^000 

5.500 
5iOOO 

4.500 
4.000 
3l500 
3.000 

7.500 
7.000 

1.500 


1,000 

ISO 



650 

600 

550 

500 

450 

400 


350 


300 

750 

700 

150 



75 


65 

60 

55 


45 

40 

35 

30 

75 

70 


40 

35 

3.0 

7.5 


to 


1.5 


1.0 

0.9 

0.8 


0.7 


05 

0.4 

0.3 

0.7 

0.1 

0.0 


BY R. E 


.APPLIED 























































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPELT, N Y. - HANOVER 9300 

-M6-I 1907 1908 1909 1910,., 1911 1312 1913 , 1914 , 1915 1915 1917 ISIS 1019 , 1920 1921 



Issued Nov. 15.1321 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell, 


Patent Applied tor. 










































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL ST(?£ET. N V - HAKJOVEP 9300 



Our Analyses, which have been derived from the mo 
are believed accurate although not guaranteed. 


79TF 

Issued Nov. 15.1921 

reliable sources, 


Copyrighted, 1921, by R. E. McConnell. 


Applied for. 
































































































































































































































































































































































































































































































































































































































































































































































































































































11 


•COO -f 

3.500 -t 
3,000 -f 

iw f 
toco -t 

1.500 4- 


STUDEBAKER CORR 




1 1921 







o 


V $ 

►Sv ** 







tO.OC-0 

9500 


6,0 CO 



1,500 


pggi 

! _ - - .— 


i ***** 


















1919 1 1929 i 1921 

Issued Nov. IS. 1921 

OUR ANALYSES. WHi:H HA.E BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 

ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PAT ENT_APPLIED FOR 



































































































































































ANALAGRAPHS 



10 . 00 a 

9.500 
9000 
9500 
8.000 

7.500 
7.000 

6.500 
6.000 
5.580 
5000 

4.500 
4.000 

3.500 
3000 

2.500 


2.000 


1,500 


1.000 

950 

900 

850 

800 

750 

TOO 

650 

600 

550 

500 

450 

400 

350 

300 


250 


200 


150 


I 


65 

80 

75 

70 

65 

60 

55 

50 

45 


40 


35 


30 

25 

20 

13 


H 

85 

80 

75 

7.0 

6.5 

60 

55 

5.0 

45 

40 

35 

30 


2.5 


20 


1.5 


1.0 

0.9 

03 

07 

0.6 

05 

0.4 

03 

03 

0.1 

ao 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell, 


Patent Applied for. 













































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 



37 WALL STREET. NY- HANOVER 9300 




Jr 




OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


IU.000 

9.500 
9.000 

asoo 

8.000 

7.500 
7.000 

6.500 

6,000 

5.500 
5.000 

4.500 
4.000 

5.500 
3.000 


2.500 


2.000 


1,500 


1.000 

950 

900 

650 

600 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 


200 


150 


I 


85 

60 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


25 


20 


15 


■S 

9 

8 

80 

75 

7.0 

6.5 
6.0 

5.5 
5.0 
45 
40 

35 

30 


25 


24 


15 


* 


10 

0.9 

0.8 

0.7 

0.6 

0.5 

0.4 

03 

0.2 

0.1 

0.0 


COPYRIGHTED. 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 


















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

WALL STPEET. NY- HAKlOVEP 930 



Operating Exposes per 


Pijidonas $r $10,0< 


iii Profcrr 




Price Movements of Common Stock 


'PERIt DTOTWi 


10,000 

9.500 
9000 
asoo 
8.000 

7.500 
7.000 
WOO 
6.000 

5.500 


4.000 

3,500 

4000 



450 

400 

350 


60 


45 


35 


10 

H 

90 

’5 

80 

75 

7.0 

65 

55 

5.0 

45 

40 

35 

30 

25 

20 


15 


1.0 

09 

0.8 

or 

06 

05 

04 

03 

0.2 

01 

00 


Our Analyses, which have been derived from the most 
are believed accurate although not guaranteed. 


Patent Applied for. 


Copyrighted, 1921, by R. E. McConnell. 





































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 


HAKJOVEt? 9300 


10,000 
9.503 
9.C 00 
asoo 
8.000 

7.500 
7.000 
&500 
6,000 
5.5C0 
iOOO 

4.500 
<000 


dividends per $10,000 of Outstanding Stock 


Mavemei 


mis of Preferred Stock 


Oetstantfeg 


Worki ng Capi tal , r 


Annual prion Mniamnnir 
nlirniaT TTTl uv ITnfTCTfftilfvg 


of Common Stock 


ConjESl 


Paid Preferred Stock 


ts&ldW 


Our Analyses, which have been derived from the 
; believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 
































































































































































































































































































































































































































































































































































































































1906 i 1907 , 1908 

r-T — 1 .* "> ' 


>910 ,| 


>GRAf 


COPPER COMPOSITE 




tend Nov IS. 1921 


OUR ANALYSES. WHICH HAVE BEEN 
ARE BELIEVED ACCURATE ALTHOUGH NC 





2.500 
- 2.000 





j- 400 
I 350 

’50 

jr 200 




45 

35 

30 


)S 


COPYRIGHTED. 1920, BY R E. MCCONNELL 


PATENT APPLIED FOR 






























































































































































































































































































































































































































































































3TBoqMoo Haqqoo 




nijisM jnitsisqO 


























































ANALAGRAPHS 

37 WALL ST(?tLT. N Y - HANGVLP 9300 



OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


10.000 

9.500 
9.000 
asoo 
8.000 

7.500 
7.000 

6.500 

6,000 

5.500 
5.000 

4.500 
4.000 

3.500 
3.0 00 


2.500 


2.000 


1.500 


1.000 

950 

900 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 


250 


200 


150 


100 

90 

85 

80 

75 

70 

05 

60 

55 

50 

45 

40 

35 

30 


25 


20 


15 



85 

eo 

75 

7.0 

6.5 
6.0 

5.5 


50 

45 

40 

35' 

30 

25 

2.0 

1.5 


10 

0.9 

0.5 

07 

0.6 

03 

04 

03 

0.2 

0.1 

0.0 


COPYRIGHTED. 1920, BY R E. MCCONNELL 


PATENT APPLIED FOR 
































































































































































































































































































































































































































































































































































































































































































































































































































* 


























































































PROFIT. PER POUND OF COPPER PRODUCED APPLICABLE TO DIVIDENDS 


ANALAGRAPHS 

37 WALL STREET. NEW YORK 

liquidating values of copper shares 

INVESTMENT TO YIELD 10% 

REINVESTED ANNUAL INSTALLMENTS. FOR CAPITAL REDEMPTION. AT 6% 


COPYRIGHT 1922 BY R. E. MCCONNELL 



EXPLANATION 

The above chart expresses the value of a share of stock when the company is 
able to make a certain profit on each pound of copper produced, and pay all the profit 
as dividends during the life of the mine. Conversely: at a given quotation or value for 
the stock it is possible to determine, with the chart, the profit per pound which must 
be made (and distributed as dividends) to justify the value quoted. 

Example: Determine the value per share of Utah Copper Company Stock 
when a profit of 5c per pound is available for distribution and the production (for the 
life of the mine) is at the rate of 200,000,000 pounds per year. 

From the left scale of the chart follow to the right along the horizontal line 
marked “5c,” to its intersection with the diagonal line marked “Utah at 200,000.000.” 
From this point of intersection drop straight down to the base of the chart where 
the value per share is read as $57.00. 

If Utah Copper is purchased at $57 a share with the expectation that the average 
rate of production during the life of the mine will be 200,000,000 pounds per year 
(e. g., full capacity) and that dividends will be sufficient to yield 10% per year in 
addition to the amortization of the $57 paid per share, then it is necessary that the 
company shall be able to produce at a cost which will show a profit of 5c per pound 
applicable to dividends . 

Now, to obtain the value per share at the pre-war or half capacity rate (e. g., 

100,000,000 pounds per year) and at the same profit per pound, follow to the right 
along the line marked “5c” to its intersection with the diagonal line marked “Utah at 
100,000,000,” which is the fourth diagonal line from the right. At this intersection 
the value per share is read as $31.00 on the bottom scale. 

METHOD OF CONSTRUCTION 

The following data is derived from the last annual report of the Utah Copper 
Company: 






















































































































































































































































































































































































































































































































































































































Ore reserves: 346,130,800 tons 
Grade of ore: 1.35% Copper 
Outstanding Stock: 1,624,490 shares 

Total treatment losses: 22.29% (including estimated smelting losses). 
Assumed rate of production: 200,000,000 pounds per year. 

364,130,800 X 1-35 X 20 X -7771 


Life of Mine = 


= 38.2 years. 


200,000,000 

At a distributable profit of sav 10c per pound of copper produced the income per 

, 200,000,000*X -10 

share per vear =-= $12.32. 

F 3 1,624,490 

All ore bodies are exhausted some time; and when exhausted, the mining property 
and mining share are practically valueless. Every ton taken out contributes to ex¬ 
haustion and every ton of ore, therefore, must bear its contribution to the return of 
the investment, as well as profit upon it. This contribution, or redemption is called 
the AMORTIZATION OF CAPITAL AND INTEREST. (See Principles of 


Mining by Plerbert C. Hoover.) 

If it is assumed the investment is to yield 10% per year and that in addition the 
amount invested will be returned (amortized) when the ore body is exhausted (which 
is provided for by the reinvestment of annual installments bearing 6% interest) the 
present liquidating worth of $1 per year for 38.2 years is $9.30. (See Inwood’s 
Interest Tables.) 

The present worth of $12.32 per year per share for 38.2 years is 12.32 X 9-30, 
or $114.75 per share. 

Now on the chart a point is made where the horizontal line marked “10c 
(profit per pound) intersects the vertical line marked $114.75. 

Other points are calculated to check and the diagonal line is located on the chart. 

For the other lines on the chart similar calculations are made, using the data 
given in the last annual reports of each company. 

It should be noted that the “profit per pound applicable to dividends” may be 
about 60% to 80% of the actual profit per pound reported, just as the dividends are 
about 60% to 80% of the “dollars earned per share,” for the greater part of surplus 
over dividends will probably be applied to betterments, improvements, etc. 

It is possible to obtain a very accurate appreciation of relative values of the 
various copper shares when this liquidating value chart is used in conjunction with 
the Analagraphs of each copper company. 

For the prospective purchaser of copper shares a table similar to the following 
may be made out from the share quotations for any date: 


Quotations 
Mar. 1, 1922 


Utah. $61% 

Chino . 26 

Ray . 14 

Miami. 26% 

Nevada . 14 

Inspiration . 38 

Chile. 17 


* Chile at 200,000,000 pounds per year. 


Necessary Profit Per Pound 
^Capacity Full Capacity Average 


10c 

5.4c 

7.7c 

5.5 

3.3 

4.4 

5.0 

2.8 

3.9 

7.1 

4.2 

5.65 

7.0 

4.5 

5.75 

10.4 

7.0 

8.75 

15 + 

9.1 

4.4* 


For the purpose of explanation, typical comparative analyses of two companies, 
say Utah and Chino, might be made. 

Now in order that a share of Utah Copper Company shall be worth $61% at the 
same time a share of Chino Copper Company is worth $26, it is necessary that Utah 
shall produce copper while running at “half capacity” at a cost 4.5c less than the 
cost at Chino (10c—5.5c). If both mines are operating at full capacity the difference 
is 2.1c (5.4 — 3.3). In making such comparisons it should be remembered that the 
profits per pound are assumed to be applicable to dividends. 

A comparative study of the Utah and Chino Analagraphs rather clearly indicates 
that there is no justification in the past performances of the companies, to indicate 
the probability in the future of the above differentials in the cost of production. 
Unless the situation at either property is possessed of intangible factors, not taken 
into consideration in this comparative analysis, it seems probable that Chino at $26 
per share is of greater worth than Utah at $61% per share. 

There are, of course, additional factors which should be given weight in the 
judgment of the investor, but the above analysis is sufficient to illustrate one of the 
practical applications of the use of this chart in conjunction with the Analagraphs of 
the individual copper companies. 

The "Liquidating Values Chart” is constructed without consideration of the 
price of copper, which is the most uncertain element in any copper share analysis. 
The influences of copper price fluctuations may be measured, however, by finding the 
comparative worth of two or several copper shares over a wide range of profits per 
pound of copper. 

For example: With both properties operating at full capacity and assuming that 
Utah is able to produce copper one cent per pound cheaper than Chino, then at profits 
of 5c and 4c, respectively, Utah is worth $57 and Chino is worth $32 per share. Now 
if the price of copper should increase until Utah could make a profit of 9c per pound, 
applicable to dividends, and Chino make 8c per pound, then Utah is worth $103 per 
share while Chino would be worth $64 per share. 

If an increase in the price of copner were sufficient to increase profits per pound 
4c over the profits originally assumed, then the worth of Chino shares would be in¬ 
creased 100% and the worth of Utah shares increased 81%. 

Through similar comparative analyses the chart is an aid in judging relative 
copper share valuations. 


r. e. McConnell. 




















ANALAGRAPHS 



9.500 

9000 

asoo 


10 

95 


85 

80 


65 

6.0 

55 

50 

45 

40 

35 

30 

2.5 

20 

1.5 


09 

0.8 

07 

06 

05 

0 4 
03 
0.2 
01 
0.0 















































































































































































































































































































































































AMALAGRAPHS 


CHILE COPPER CO. 


10,000 

9.500 

8.000 

7.500 
7.000 

6.500 

5.5C0 

5.000 

<500 

<000 

3.500 


2.000 


850 

'i'lO 

750 


0.9 

0.8 

0.7 


0.0 


Copyi 



















































































ANALAGRAPHS 


I0,00(? 

9.500 
9.000 
0.500 
8.000 

7.500 
7.000 

6.500 

6,000 

5.500 


CHINO COPPER CO 


^election 


I®® 


Movement 


e sources 


Copyrighted, 1921, by R. E. McConell 


Patent Applied for. 
































































































































































































































































































































































ANALAGRAPH5 



INSPIRATION CONSOLIDATED 


COPPER CO. 


Trezttn'-nT 





























































































































» 









•V 






































> 


























ANALAGRAPHS 


I9?0 i 1921 


500 


KENNECOTT COPPER CORR 

» Corp ip d onjl Opgj , tf|<ii4.Co I 

j O&erab nti Sfahc+ic* are lrr e favent 


0.500 

8.000 


:t= 


-§ ■ ■ t f f 


IU 

7 5 

70-t 
6.5 -E 


50-P 


09 


> 8 f 


07 

06 

05 

04 


0J I- 


r 


-u 

I5MHoLb 


noBnaaiBn|H 


Our An 
2 believe 


alyses, \ 
1 accur 



spyngh 


























































































































ANALAGRAPHS 


37 WALL STPCET. NY- HANOVEP 9300 


COPPER CO. 


Workini CapitalJpu 


10.000 

9.500 
9.000 

8.500 

8.000 

7.500 
7.000 
8500 
6.000 

5.500 
5000 
4.5 OQ 
4.000 

3.500 


3000 


2300 


2.000 


1,500 


1.000 

950 

900 

850 

8p0 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 


250 


200 


150 


'g 

SO 

85 

eo 

75 

70 

65 

60 


50 

45 

40 


35 

30 

25 

20 


IS 


IQ 

95 

95 

85 

8.0 

75 

7.0 

6.5 

6.0 

55 

50 

45 


40 


35 

30 

2.5 

20 

1.5 


10 

0.9 

0.8 

O.T 

0.6 

05 

0.4 

03 

0.2 

0.1 

0.0 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell 


Patent Applied for 








































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STREET. NY. - HANOVEP 9300 


NEVADA i 


TrT 


i ii iTt i 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell 


Patent Applied for, 





































































































































































































































































































































































































































































































































































































































































































































































































































































































* 


• • 


\ 






'» 

. 











* 











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. » 






'/ 














analagraph 


10.000 


10,000 

9.500 
9.000 
&500 
8.000 

7.500 
7.000 


PAY CONSOLIDATED COPPER CO. 


Movemenj of Slock 


Operating Mar£i 


Copyrighted, 1921, by R, E. McConell 


Patent Applied for. 










































































































































































































ANALAGRAPHS 



HANOVER 9300 


10.009 

9.500 
9.000 

8.500 


MowJLdaf Slock 


Dividends 


3 *P‘r-L< s 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted. 1921, by R. E. McConnell. 


Patent Applied tor. 















































































































































































































































































































































































































































































































































®E» public Mm.mr coMPosrtf 


I ^\ QjOO«°l . 0, 

- 


UN 


Balance after Fixed Charges per $10,000 of Outstanding Stock 


Copyrighted, 1934r tAnflyi&, ^t&WIrijee been deri’ 
are believed accurate although not gu: 


Patent Applied for. 


-opyrig i 















































































































































































































































































































































































































v 


8H^A9I3AJAHA 



~ <-e. ■ e.e. 1 :.ei ' Hei * o.e. ' «oe> soe> w 

ISBI .SI voM buzz! 

."Matttqx.l riritci3qO“ m-iil baloubsb rtasd asd .xhe di ".o-naanl lodlO"* 

.asjiuia 3lucnoi jaom ad) mm> teviiab no^il avr.ri rioirtv/ .aoe^IcnA mO 
^ ^ .baalmncug 1cm rlguorflls slctuos bavaited suj 

.IbnxtoDal/l .3 ,fl x d ,I£CI .bsJdahxqoD 








































































































































































































































































































































































































































































































































































10.000 


6.000 

uoo 

7.000 

6.500 
6.000 

5.500 
5000 
4500 
4000 

.500 

3.000 

1500 


2.000 


1512 


1915 




1907 1508 1909 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


1.500 


ANALAGRAPHS 

37 WALL STPEET. NY- HA WOVE P 9300 


1916 i 1317 1918 1919 1920 I9ZI 


10 , 000 . 

9.500 

IK 

8,000 

7.500 
7.0CO 

6.500 

6,000 

5.500 
5000 
4500 
4.000 
3500 


2500 


1,500 


1.000 

950 

900 

1 

700 

650 

600 

550 

500 

450 

400 


1.0 

0.9 

05 

07 

0.6 

05 

54 

03 

0.2 

0.1 

00 


CopyrigJ|tg^jh>^l^by^,Py ^M^ega^educted from “operating expenaea". 


Patent Applied for. 


B raiwMwr « Mrannnga i fi BWf» mg HrBn »7»wn8» c 




































































































































































































































































































































































































































































































































































































































































t 




- 
































ANALAGRAPHS 



io.ooo 

9.500 
9000 
asoo 
8.000 

7.500 
7.000 
9500 
6.000 

5.500 
9000 

4.500 
4000 

3.500 


850 

750 

700 

550 

450 


85 

80 

75 

70 

65 

60 


45 

35 

30 

25 

20 


15 


85 

80 

75 

7.0 

6.5 
6.0 

5.5 
5.0 
45 
40 
35 
30 

2.5 


20 


1.5 


1.0 

0.9 

0.8 

07 

0.6 

05 

04 

05 

0.2 

OJ 

0.0 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted*, ^Jtk’er'fiicerne^Vif anv' < iS5^een deducted from "operating expenses". 


Patent Applied for. 
































































































































































































































































































































































































































































































































































































































































































































































/ 


/ 


I 







































•t 

















ANALAGRAPHS 

37 WALL STPEET. NY- HAMQVEP 9300 
I906| >90T 1908 . 1909 i 1910 . I9ii . i<n? . mi 


1980 , 1981 


10,000 



1906 


1907 


1903 1909 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Issued Nov. 15,1921 


Copyrighted* itA^' RBtffJlkn deducted from ''operating expenses”. 


Patent Applied for. 






























































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 



10,000 

9.500 

kX 

6.000 

7.500 
7.000 

6.500 
6,000 
5.580 
5000 

4.500 
4.000 
5500 
1000 


2100 


2.000 


1.500 



700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 


150 


85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


25 


20 


IS 


S3 

85 

80 

75 

7.0 

65 

60 

55 

5.0 

4.5 

40 


35 

30 


2.5 


20 


1.5 


10 

0.9 

0.8 

07 
0.6 
<T5 
0 4 
03 
02 
01 
0.0 


Copyrighted, 1921, by R. E. McConnell. 

♦ "Other Income’ ..Unv h.« lj»||ndeducte|i 


Patent Applied for. 






























































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPEET. NY- HANOVEP 9300 

I9il 191? , I9!J . 1914 1919 . I4!fi 


10,000 
9.900 
9.000 
asoo 
8.000 
7,500 
7.000 
• 6.500 
6.000 



Issued November 15th, 1921 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 

* "Other Income ', if any haa been deducted from "operating expenses". 


Patent Applied for. 



















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 










































































































































































































































































































































































































































































































































































































































































































































































































































































































































I 

•l 






















1 * 





* 









V 









*«■ - 



* 


K- • 


*• 








t- 













*. 




*• 





ANALAGRAPHS 



10 , 00 * 

9.500 
9000 

8.500 
8,000 
T.500 
7.000 
8500 
6.000 
5,590 
9000 

4.500 
4.000 

3.500 
1000 


2.500 


2.000 


1,500 


1.000 

950 

900 

850 


700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

200 


150 


85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


25 


20 


IS 


9.5 
9.0 
85 
80 
75 
7.0 

6.5 
60 
55 
50 
45 
40 
35 
30 

2.5 


20 


1.5 


10 

0.9 

0.6 

07 

0.6 

05 

04 

03 

0.2 

01 

0.0 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 




















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

WALL STPEET. N Y - HANOVEP 9300 


*“OOirr “Income,” if any, has been deducted fr m “Operating Expenses”. 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E. McConnell. Patent Applied for, 


10,000 

9.500 
9000 

8.500 
8,000 

7.500 
7,000 

6.500 
6,000 
5.590 
5,000 
‘‘.500 
4.000 
J.500 
1000 


2.500 


2.000 


1,500 


1.000 

950 

900 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 

250 


200 


150 


65 

80 

75 

70 

65 

60 

55 

50 


45 


40 

55 


30 


25 


20 


15 


10 


u 


6,5 

80 

75 

10 

65 

60 

55 

50 

45 


40 


35 


30 


2.5 


20 


15 


10 

0.9 

0.8 

07 

06 

05 

04 

03 

0.2 

01 

00 









































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

37 WALL STPEET. N Y - HAKJOVEP 9300 

1908 J 9 0 9 i '910 , I9H , 1912 , 1913 1914 , 1915 , 19:6 , I9i7 , 1918 I9'9 1 1920 , 1921 



Our Analyses, which have been derived from th e me 
are believed accurate although not guaranteed. 


Copyrighted,, 1921, by ..IC E. McConnell. , , 

* Other Income . n any rw Ocen deduced Horn owatmit exbtMe. ■ 


Patent Applied fc 






























































































































































































































































































































































































































































































































































































































































































































































































































/ 




















s 









































•-» 























J 














1906 1907 


ANALAGRAPHS 

37 WALL STPEET. N V - HAKJOVEP 9300 


O 

s: 


10,000 

9.500 
9.000 

8.500 
8.000 
7,300 
7.000 

6.500 
6,000 



1906 


1907 


1908 1909 ! 1910 


Our Analyses, which have been derived from the most reliable sources, 
arc believed accurate although not guaranteed. 


1920 *921 

Mid Nov. 15, 1921 


Copyrighted, 1921, by R. E. McConnell. 

. . _ . . . .. , , 1_1_,_LX, 


Patent Applied for. 












































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































-Is* 15 . 800 '- 


















































































































































































































































































































































* 


» 




~ i : 
. Sr'l 
















































\ 






«» 








































































- . 















ANALA6RAPHS 

WALL STREET. NY- HANOV£P 9300 


10,000 

9.500 
9.000 

• asoo 
- 8.000 
■ 07.500 

- 7.000 

6.500 

- 6.000 

- 5.500 

- 5.000 

* 4.500 

- 4.000 


MANILA ELECTRIC 


JI0.000 o 


tan <% Stock 


10 , 000 PJ 


larges from 190T +0 


Operating 


Met Operating Earnings 


Mrlirons 


Operating Margin 


Fxoenses to 


BBjpBH 


Issued Nov. 15. 1921 

WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
URATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED, 1920. BY R. E. MCCONNELL 


PATENT APPLIED FOR 







































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 


MILWAUKEE ELECTRIC RY. & LT. CO. 


'aeration \ 


common stock 


Ratio ot Total 


o 


OUR ANALYSES. WHICH HAVE BEEN DERIVED FROM THE MOST RELIABLE SOURCES. 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


10.000 

9.500 
9.000 

asoc 

8.000 

7.500 
7.000 

6.500 
6,000 

5.500 
5.000 

4.500 
4.000 

3.500 
3.000 


£.500 


£.000 


1,500 


1.000 

950 

900 



700 

650 

600 

550 

500 

450 

400 

350 

300 

250 

2C0 


150 


'8 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


25 


20 


15 


I 


8 


55 

8.0 

75 

70 

65 

6.0 


5.5 


5.0 

4.5 


40 


35 

30 


£5 


20 


1.5 


10 

0.9 

0.8 

07 

0.6 

03 

04 

0.3 

0.2 

0.1 

0.0 


COPYRIGHTED. 1920. BY R E. MCCONNELL 


PATENT APPLIED FOR 
































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































* 













































































































































































lovemenls 


’merrjdSfedc 


•Yearly Price Moremenfj 


ofCom men 5f odt 


Millions 


ANALAGRAPHS 

37 WALL STPEET. n V - HAKJOVEP 9300 


10,000 

9.500 
9,000 
&500 
0000 

7.500 
7,000 

6.500 

6,000 

5.500 
6000 

4.500 
4.000 

3.500 
1000 


2JS00 


2,000 


1,500 


1,500 


10,000 

9.500 
9.000 

8.500 
8000 

7.500 
7.000 

6.500 

6.000 

5.500 
5.000 
4500 
4.000 

.500 


3.000 


2 500 


2.000 


1906 


1907 


1908 


1,000 

I 

850 

800 

750 

700 

650 

600 

550 

500 

450 

400 

350 

300 


1.000 




550 


5 ") 


450 


: v 


300 


10 • 
95 
90- 

8.5 
80- 
75 
7 0- 
65 
60- 

5.5 
50- 


1906 




Our Analyses, which have been derived from tht 
are believed accurate although not guaranteed. 


Issued November 15th, 1921 


Copyrighted, 1921, by R, E. McConnell. 

*“Other Income", if any, haa been deducted from "operating eapcnacg". 


■4^4——4^4——I •>'<■ I ou I 1914 I 190 , 19)6 , 1917 , 1918 1919 1920 1921 
























































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 



10,005 
9.500. 
9.000 ' 
&500 
8.000 

7.500 
7.000 

6.500 

6,000 


5.500 
5000 

4.500 
4.000 


1500 

1000 


2100 

2.000 


1.500 


000 

950 

900 

850 

800 

750 

700 

650 

600 

550 

500 


450 

400 

350 

300 


250 

200 


150 


m 


85 

80 

75 

70 

65 

60 

55 

50 

45 

40 

35 


30 

25 


20 


15 


« 

85 

8.0 

73 

7.0 

65 

6.0 

55 

50 

43 

40 


35 

30 


25 

20 


1.3 


10 

0.9 

0.8 

0.7 

06 

03 

0.4 

03 

0.2 

01 

0.8 


Copyrighted, 1921, by R. E. McConnell. 


Patent Applied for. 


















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































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ANALA6RAPHS 

37 WALL STPEET. NY- HAMOVEP 9300 

•910 1911 191? . ion 



1906 


1907 1908 1909 1910 1911 (9IZ 


Our Analyses, which have been derived from the most reliable sources 
are believed accurate although not guaranteed. 


1918 1919 198® W 

Issued November 15th, 1921 


Copyrighted, 1921, by R. E. McConnell. 

* -n.1- — i I' 1 1 


Patent Applied for. 






































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































ANALAGRAPHS 

' WALL STPEET. NY- HAKJOVEP 9300 



Js o+B". The .solid, litres indicate actual opdrattnil 
resulls of this Nfey York ! St itej Gas |a njl Electric 
Corpi. Ths doffed linjes urthe yew spacejiszi [ 
| are based upon the present funded debt 
and the combined income accounts 6f 
t he j Ne W) York! 3tat£ Gas and Elettflc I 

Corp. and properties r]ow to he ^couired. 
Tim zs . Be nd lrtferesj earr jed oh aBg um pti o n 

'hrrTi'f nrattoni £1 mrlori rlo vf n**o nodin r if I 



1909 1910 

Our Analyses, which have been derived from the most reliable 15. 1921 

are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E, McConnell. Patent Applied for. 

* “Other Income’", if any, ha« been deducted from "operating expenses'’■ 


10 

0.9 

OS 

07 

0.6 

03 

04 

03 

0.7 

01 

0.0 



































































































































































































































































































































































































































































































































































































































































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ANALAGRAPHS 

37 WALL STPEET. NY- HAWOVEP 9300 

JM i 1911 1912 1913 1914 1915 I9!fi 


1906 






10,000 

9.500 
■ 9.000 

asoo 

8.000 

7.500 
7.000 

6.500 
6,000 


5.590 

5000 







Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E, McConnell. ...... 

* “Other Income", it any haa been deducted trom operating expense* . 

■■■■■.Hii«miBmTirniirnTr¥7nrrimimrTnTmTTynnn!TTiTTTT 


Patent Applied for. 


O' suv i .\<U 
































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































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\ 































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analagraphs 

.... 10AI 37 WALL STPEET. N V - HAMOVEP 9300 

.1906 | ISOT i 1903 , 1909 , 1910 , I9H . iq.? 



i9:7 * I9i8 1919 I900 ' i¥fT 

Issued November 15th, 1921 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 

Copyrij^i fn-Vm*". 1 '!* any. ^aa b>eea deducted from "operatm* erpensea”. 


Patent Applied for. 

































































































































































































































































































































































































































































































































































































































































































































































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MlvJMLAuKAr fiO 

37 WALL STPFft ny- Hauch/fp r» 



10,00a 

9.500 
9.000 
asoo 
8.000 
7,300 
7.000 

6.500 

6,000 

5.500 
WOO 

4.500 
4.000 

3.500 
3000 


2.500 


2.000 


1,500 


1.000 

950 

900 

eso 

800 

750 

700 

650 

600 

550 

500 

450 

400 


350 


300 


250 


200 


150 


100 

8 

85 

60 

75 

70 

65 

60 

55 

50 

45 

40 

35 

30 


25 


20 


85 

80 

75 

7.0 

6.3 

60 

55 

50 

45 

40 

35 

30 

25 


20 


1.5 


10 

09 

0.8 

07 

06 

05 

04 

03 

0.2 

01 

0.0 


Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 


Copyrighted, 1921, by R. E. McConnell. 

* “Other Income", if any has been deducted from “operating exoenses". 


Patent Applied for, 







































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































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ANALA6RAPHS 

37 WALL Stpfft ny- HAtuoi/F c q-tnn 



(ssiisd November |5th. 1921 

Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E. McConnell. Patent Applied for. 

* “Other income" if anv has been deducted from "ooeiatine eioensfa 


io.ooa 

9.500 
9000 
ft 500 
8.000 

7.500 
7.000 

6.500 

6,000 

5.500 
5000 
4500 
4.000 

3.500 
3000 


2.500 


2.000 


1,500 


350 


300 


250 

200 

150 


ICO 

95 

90 

85 

80 

75 

70 

65 

60 

55 

50 

45 


40 

55 

50 


25 


20 


15 


*8 
9 
3 5 
80 
75 
7.0 
6 5 
60 
55 
50 
45 
40 
35 
30 


2.5 


20 


1.5 


10 

0.9 

0.8 

0.7 

0.6 

03 

0.4 

03 

0.2 

01 

o» 
















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































Our Analyses, which have been derived from the most reliable sources, 
are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E. McConnell. 

* ' Other Income'', if any, has been deducted from “operating expenses - ’. 


10.000 

9.500 

9.000 

9.500 
8.000 

7.500 
7.000 

6.500 

6.000 

5.500 
5.000 
45C0 
J0OC 

.500 

5000 


Z.500 


2.000 


1.500 


l.000 

ill 

850 

800 

750 

700 

650 

600 

550 

500 

•450 

400 

350 

300 


1908 1921 

Issued Nov. 15, 1921 

Patent Applied for. 


10 

9.5 
9.0 

8.5 
80- 

7.5 
7.0- 

6.5 
bo¬ 
ss 

5.0- 


35 






















































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































































0,000 

9.500 
9.000 
5500 
8.000 

7.500 
7.000 

6.500 


4500 

4000 

,500 

3,000 

2.500 

2,000 


1.500 



750 


700 

650 

600 

550 

450 

400 


350 


150 


96 

85 

an 


60 

55 

50 

45 

40 

35 

30 


20 


9 5 
9.0 
85 
80 
75 
7 0 
65 
60 
5 & 

50 

45 

40 

3.5 

30 

25 


20 


1.5 


I O' 
0.9 
0.8 
07 
0.6 
05 
0.4 
0.3 
0.2 
0.1 
00 


ANALAGRAPHS 



SERVICE CO, OF 


Earmnis 




Expense* P®! 


n? Quislin' 


Earnings per 


lulsiandinj 


Expensesper 


Price Movements 


Movements 


Common Stock 


Millions 




Millions' 


on Common 


Preferred Siock 


Inferesf 


Time*. 


C aerating 




Issued November 15th, 1921 


Our Analyses, which have been derived from the most reliable sou 
are believed accurate although not guaranteed. 


10000 

9500 

9000 

8.500 

8.000 

7.300 


650 

550 


90 

80 


30 


20 

1.5 


10 

0.9 

08 

07 

06 

05 

04 

03 

0.2 

01 

08 


Copyrighted, 1921, by R. E. McConnell. 


* "Other Income”, it any, has been deducted from "operating: expenses". 






















































































































































































































































































































































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10,000 

9.500 

9000 

9500 


7.500 
7.000 
9500 
6,000 

5.500 
9000 


(ufsUndn 


f10.000 of 


!r>ld000 Of Ojj 


^offun; 




:t MoYcmei 


of fcrferred Stock 


t-1- J,4 ' a. c Ar. iL_ 

_Uut5t s na Tng QtOQK 


3nne~ 


Issued November 15th, 1321 



































— 

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80 










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Our Analyses, which have been derived from the mi 
are believed accurate although not guaranteed. 


Copyr ff any, hsiil4e l eii ! deducted from “ 'operating expenses”. 




























































































































































































































































































































































































































































1906 


ANALAGRAPHS 

WALL Si kEET n y - MANOVEP 9300 


. 10,000 
i 9.500 
9.000 
asoo 
8.000 

7.500 
7.000 

6.500 



OUR ANALYSES, WHICH HAVE BEc.N DERlVcD PROM THE MOST RELIABLE SOURCES, 
ARE BELIEVED ACCURATE ALTHOUGH NOT GUARANTEED. 


COPYRIGHTED, 1920, BY R. E. MCCONNELL 


PAT ENT APPLIED FOR 





























































































































































































































































































































































































































































































































































analagraphs 

37 WALL STPEET. N V - HAKJOVEP 9300 



Our Analyses, which have been derived from the most reliab 
are believed accurate although not guaranteed. 

Copyrighted, 1921, by R. E. McConnell. 

♦“Other Income" if anv ha* been deducted from “ooeratin* eroenses". 


Applied for. 
















































































































































































































































































































































































































































































































































































































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INDIANA 46962 

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